Insurance companies and other entities regulated by the Insurance Commission (IC) have been ordered to expedite the settlement of claims in areas declared under a state of calamity following the magnitude 7.8 earthquake that struck Mindanao.
The directive from the Philippine insurance regulator requires regulated entities to accelerate the evaluation, approval and payment of claims whenever national or local authorities place an area under a state of calamity.
To help affected policyholders access benefits more quickly, the circular also calls for more flexible claims procedures, including the relaxation of documentary requirements for losses and damage caused by disasters.
The IC further instructed insurers to allow claimants additional time to submit notices of claims and supporting documents.
Under the same directive, insurance providers are expected to assist policyholders throughout the claims process, maintain proper documentation of damage assessments to ensure faster claims resolution, and work closely with the government to expedite the process.
Insurance Commissioner Reynaldo Regalado said, "Prompt claims settlement is not only a regulatory obligation but also a vital means of providing immediate financial assistance to communities, especially those that need to rebuild after a disastrous calamity."
"Let us ensure that affected policyholders receive the support they need without any delay," he added.